CFTC Commissioner Bart Chilton has completed his speech on the new regulations he wants to see for HFT or high frequency trading within America
Here is what he proposes today according to a Bloomberg TV interview he just did:
Current 140K penalty for when your algo but now new proposal for each violation will $140k per second. Now there is a push for jail time. Senator Bart Chilton (CFTC Commissioner) claims millions are paid in seconds. He wants a kill switch as well. CTFC. Use a wash blocker technology for US markets but used in Europe as they make money from the money maker on the exchanges.
HFT does provide liquidity but only make money for a few seconds. Europe took action to slow them down to a half second each trade.
Dodd Frank does not metion HFT as he expects another flash crash. He calls them endangered cheater traders.FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!